Resume

• 2003

  Southern Illinois University Carbondale

  University of Texas at Arlington

  Associate Professor of Finance

  Conduct academic research on financial market liquidity

  investor behavior

  and mutual fund flows.\nTeach at undergraduate and graduate level on corporate financial management and research methods.

  Southern Illinois University Carbondale

  Research and Teaching in Finance

  Southern Illinois University Carbondale

  European Finance Association

• 1999

  basic Polish

  Ph.D.

  Finance

• 1998

  Delaware Investment Advisors

  Fund Accounting

  Delaware Investment Advisors

• 1996

  V Alexander

  Southern Illinois University Carbondale

  University of Texas at Arlington

  V Alexander

• 1993

  BBA

  Business Administration

  Stetson University

• Financial Markets

  ETFs

  University Teaching

  Financial Modeling

  Analysis

  Asset Allocation

  Forecasting

  Mutual Funds

  Modeling

  Investments

  Portfolio Management

  Economics

  Research

  Quantitative Analytics

  The Antecedents of Simultaneous Appointments to CEO and Chair

  In relay succession

  boards add the Chair title to successful CEOs

  creating duality. Sometimes boards by-pass relay succession and appoint an individual directly into the dual position. We propose that this will occur when there is the need for an unambiguous leader and when the appointee has greater bargaining power. We show that following the firing of the predecessor

  when the successor is an outsider

  and when the successor is not the designated heir

  the incidence of simultaneous dual appointments increases. We also find that executives appointed into the dual positions are older than those appointed only as a CEO.\n\nAuthors:\nWallace N. Davidson III

  Southern Illinois University Carbondale\nYixi Ning

  University of Houston-Victoria\nDavid Rakowski

  Southern Illinois University Carbondale\nEahab Elsaid

  University of Windsor

  The Antecedents of Simultaneous Appointments to CEO and Chair

  Conrad Ciccotello

  Leng Ling

  Capacity constraints limit the profits of some investment strategies

  while other strategies are more scalable. We develop a dollar-weighted return measure that parses the factor timing by investors and a strategy’s capacity constraints. We find that actively managed funds exhibit significant capacity and timing effects

  while index funds display only timing effects. A portfolio’s liquidity

  investment style

  and distribution policy are important in explaining variation in capacity constraints. The analysis demonstrates that capacity and timing effects are important in analyzing portfolio manager skill and the cost of active investing.\n\nAuthors:\nConrad Ciccotello

  Georgia State University\nJason Greene

  Southern Illinois University Carbondale\nLeng Ling

  Georgia College & State University\nDavid Rakowski

  Southern Illinois University Carbondale

  Capacity and Factor Timing Effects in Active Portfolio Management

  Steve Nenninger

  Time-varying flow-performance sensitivity and investor sophistication

  This study analyzes the dynamics of daily mutual fund flows. A Vector Auto Regression (VAR) of flows and returns shows that the behavior of fund investors is more consistent with contrarian rather than momentum characteristics. Past fund flows have a positive impact on future fund returns

  with the long-term information effect dominating the transient price-pressure effect. Seasonality in daily flows

  such as day-of-week and day-of-month patterns are present

  and daily flows are generally mean-reverting. Probit regressions indicate that fund investment objective

  marketing policy and level of active management explain cross-sectional variation in the behavioral patterns displayed in daily flows. Our results are robust to the different methods of calculating daily flows based on whether or not the day-end TNA figures include the current-day’s flow. Throughout the analysis

  we contrast the dynamics of daily flows with established results for monthly fund flows and find important differences between the two.\n\nAuthors:\nDavid Rakowski

  Southern Illinois University Carbondale\nXaioxin Wang

  Southern Illinois University Carbondale

  The Dynamics of Short-term Mutual Fund Flows and Returns: A Time-series and Cross-sectional Investigation

  Educational Technologies for the Neomillenial Generation.

  A Note on the Sources of Portfolio Returns: Underlying Stock Returns and the Excess Growth Rate

  Academic research on the flow of investment funds as applied to mutual fund flows

  international portfolio flows

  the market microstructure impact of fund flows

  and the demographic characteristics that determine investment flows.\n\nSpecialties: The analysis of mutual fund flows

  research methodology

  and the geography of finance.

  David